What to consider before taking out a personal loan

Personal loans can be anywhere between $1,000 and $50,000, and should only be taken out for good reasons.

If you have big expenses looming, you’ll want to avoid putting it on a credit card, as credit cards usually have higher rates than personal loans.

Common reasons people take out loans is for things like adoption or even fertility treatments, however they are not recommended for luxurious items.

So you wouldn’t want to take out a personal loan for any kind of luxury purchase or something you don’t really need. Even though personal loans do have a lower interest rate than credit cards, they still have an interest rate. So you’re still paying to borrow money.

As with all loans and financial moves, triple check the fees and know when the money has to be paid back.

Car ads are everywhere this time of year.

Dealerships are looking to clear out the old to make room for the new.

Keep in mind the models you’re seeing marked down are technically already a year old.
However consumer reports says the older models may be good for people who expect to hang onto the vehicle for a long time.

If you put a lot of miles on your car, like 15,000 or more a year, buying a year old model will let you spread out those miles and hang on to some of the trade value.

If you do find a good deal, and want to buy, you may need to move quickly, because inventory will shrink.